Avid Bioservices Inc (CDMO)

[JJ1223]

SNTA on 12/15 IMNP in 01/16.

RM,
You made my point.....the market start to 2016 is historic


As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on December 14, 2015, Immune Pharmaceuticals Inc. (the "Company") notified The NASDAQ Stock Market LLC ("NASDAQ") that following the resignation of Mr. Rene-Pierre Azria from the Company's board of directors (the "Board"), the Company's Board was no longer comprised of a majority of independent directors as required by Listing Rule 5605(b)(1), the Audit Committee of the Board no longer has three members as required by Listing Rule 5605(c)(2)(A) and the Compensation Committee of the Board no longer has two members as required by Listing Rule 5605(d)(5).

On January 11, 2016, the Company received a letter from NASDAQ advising that the Company is no longer in compliance with Listing Rule 5605. Consistent with Listing Rules 5605(b)(1)(A), 5605(c)(4) and 5605(d)(4), NASDAQ will provide the Company with a cure period in order to regain compliance as follows: (1) until the earlier of the Company's next annual stockholders' meeting or December 3, 2016, or (2) if the next annual stockholders' meeting is held before May 31, 2016, then the Company must evidence compliance no later than May 31, 2016.

The Company intends to regain compliance with these rules in the near term and it has retained a search firm to identify a replacement for Mr. Azria and to hire additional independent directors.